Global oil demand is forecast to recover all that was lost when the coronavirus pandemic raged amid an oversupply, fully recouping by year-end 2022, say analysts with Evercore ISI.

However, North American output is expected to stabilize, leaving the Evercore analysts looking to other non-OPEC suppliers to meet the world’s growing oil needs in the near term.

“Demand really did decline almost 9 million barrels a day in 2020, but we expect about a 6 million barrels per day increase in 2021 and then almost 2 million barrels per day increase in global oil demand in 2022,” Evercore’s Doug Terreson said this week during the company’s Global Energy Outlook webinar.

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